MacroGenics Announces Achievement of $15 Million Milestone Related to Gilead’s Nomination of a Bispecific Research Program
05 Settembre 2023 - 1:00PM
MacroGenics, Inc. (NASDAQ: MGNX), a biopharmaceutical company
focused on developing, manufacturing and commercializing innovative
antibody-based therapeutics for the treatment of cancer, today
announced that its partner, Gilead Sciences, Inc. (NASDAQ: GILD),
nominated the first of two research programs, leveraging
MacroGenics’ DART® and TRIDENT® platforms for generating bispecific
antibodies. This nomination grants Gilead an exclusive option, upon
achievement of a pre-defined preclinical milestone, to license
worldwide rights to the research program.
Under the October 2022 agreement, MacroGenics will receive $15
million related to the nomination of a bispecific research program
to be conducted by MacroGenics and funded by Gilead. Pursuant to
this agreement, which covers MGD024, an investigational, bispecific
antibody that binds CD123 and CD3 using MacroGenics’ DART platform,
and up to two additional bispecific research programs, MacroGenics
remains eligible to receive up to $1.7 billion in target
nomination, option fees, and development, regulatory and commercial
milestones. MacroGenics will also be eligible to receive tiered,
double-digit royalties on worldwide net sales of MGD024 and a flat
royalty on worldwide net sales of products under the two research
programs.
About MacroGenics,
Inc.
MacroGenics (the Company) is a biopharmaceutical company focused
on developing, manufacturing and commercializing innovative
monoclonal antibody-based therapeutics for the treatment of cancer.
The Company generates its pipeline of product candidates primarily
from its proprietary suite of next-generation antibody-based
technology platforms, which have applicability across broad
therapeutic domains. The combination of MacroGenics' technology
platforms and protein engineering expertise has allowed the Company
to generate promising product candidates and enter into several
strategic collaborations with global pharmaceutical and
biotechnology companies. For more information, please see the
Company's website at www.macrogenics.com. MacroGenics, the
MacroGenics logo, MARGENZA and DART are trademarks or registered
trademarks of MacroGenics, Inc.
Cautionary Note on Forward-Looking
Statements
Any statements in this press release about future expectations,
plans and prospects for MacroGenics (“Company”), including
statements about the Company’s strategy, future operations,
clinical development of the Company’s therapeutic candidates,
including initiation and enrollment in clinical trials, expected
timing of results from clinical trials, discussions with regulatory
agencies, commercial prospects of or product revenues from MARGENZA
and the Company’s product candidates, if approved, manufacturing
services revenue, milestone or opt-in payments from the Company’s
collaborators, the Company’s anticipated milestones and future
expectations and plans and prospects for the Company, as well as
future global net sales of TZIELD and the Company’s ability to
achieve the milestone payments set forth under the terms of the
agreement with DRI (or its successors or assigns with respect to
such agreement), and other statements containing the words “subject
to”, "believe", “anticipate”, “plan”, “expect”, “intend”,
“estimate”, “potential,” “project”, “may”, “will”, “should”,
“would”, “could”, “can”, the negatives thereof, variations thereon
and similar expressions, or by discussions of strategy constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including: risks that TZIELD, vobramitamab
duocarmazine, lorigerlimab, ZYNYZ, MARGENZA or any other product
candidate’s revenue, expenses and costs may not be as expected,
risks relating to TZIELD, vobramitamab duocarmazine, lorigerlimab,
ZYNYZ, MARGENZA or any other product candidate’s market acceptance,
competition, reimbursement and regulatory actions; our ability to
provide manufacturing services to our customers; the uncertainties
inherent in the initiation and enrollment of future clinical
trials; the availability of financing to fund the internal
development of our product candidates; expectations of expanding
ongoing clinical trials; availability and timing of data from
ongoing clinical trials; expectations for the timing and steps
required in the regulatory review process; expectations for
regulatory approvals; expectations of future milestone payments;
the impact of competitive products; our ability to enter into
agreements with strategic partners and other matters that could
affect the availability or commercial potential of the Company's
product candidates; business, economic or political disruptions due
to catastrophes or other events, including natural disasters,
terrorist attacks, civil unrest and actual or threatened armed
conflict, or public health crises such as the novel coronavirus
(referred to as COVID-19 pandemic); and other risks described in
the Company's filings with the Securities and Exchange Commission.
In addition, the forward-looking statements included in this press
release represent the Company's views only as of the date hereof.
The Company anticipates that subsequent events and developments
will cause the Company's views to change. However, while the
Company may elect to update these forward-looking statements at
some point in the future, the Company specifically disclaims any
obligation to do so, except as may be required by law. These
forward-looking statements should not be relied upon as
representing the Company's views as of any date subsequent to the
date hereof.
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CONTACT:
Jim Karrels, Senior Vice President, CFO
1-301-251-5172
info@macrogenics.com
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